《大行報告》瑞銀上調招商局港口(00144.HK)目標價至14.6元 評級「買入」
瑞銀發表研究報告,指過去數月維持對港口行業吞吐量、收入及集裝箱復甦的正面看法;並指招商局港口(00144.HK)由於具戰略性港口位置,料屬主要受惠者。該行料其今年撇除特別項目純利達50億元,相當於按年升10%,屬歷史次高,僅較2017年高位低出約9%,瑞銀認為尚未反映於股價,現較2020年初疫情前水平低6%,並較2017年歷史高位低出約73%。
報告料市場尚未確認公司吞吐量復甦帶來的潛在盈利上行,收入/集裝箱營運改善及經營槓桿擴張,以及部分港口盈利正常化,瑞銀升其2021至2023年每股盈測介乎8%至9%,反映疫情後盈利強勁反彈及潛在催化劑;目標價由13.6元升7%至14.6元,評級「買入」。
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